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A consumer guide and workbook - page 25 / 79

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Calculate the impact your monthly expenses will have on the maximum house price you should be considering.

Remember, it’s only human nature to downplay how much things cost—but resist the impulse.

Be realistic. Because if the final figure is underestimated, you could find yourself in a financial bind once house payments start up.

18

STEP 3 • AFFORDABILITY

Monthly Expenses

Child care Groceries/lunches/eating out Clothes/personal/sundry Life insurance Public transportation Car: gas/oil Car repairs and service Car insurance and license Electricity/hydro (non-heat) Water Telephone Cable TV/video rental

Entertainment, recreation, movies, sports, etc

Beer, wine, liquor, cigarettes Newspapers, magazines, books Home maintenance and repairs Home insurance Furnishings/consumer goods Savings (bank account, RRSPs) Charitable donations Car loan/lease Line of credit Charge accounts/credit cards Other loans/payments

Total monthly lifestyle expenses

Payroll deductions:

Income tax Benefits/other Total monthly expenses Monthly income Subtract: Total monthly expenses

Amount left for housing costs (P.I.T.H.)*

  • *

    principal, interest, taxes, heat

_

$ $ $ $ $ $ $ $ $ $ $ $

$ $ $ $ $ $ $ $ $ $ $ $

$

$ $ $ $ $

$

Make sure you don’t leave yourself house poor. It’s important to structure your monthly expenses so that you can still afford simple luxuries, like the occasional vacation.

Extra worksheets at the back of the Guiide

Ready for the next step?

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